Providian Financial Says Class-Action Suit Settled for $105 Million
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Credit card giant Providian Financial Corp. disclosed Thursday a $105-million settlement of a class-action lawsuit alleging that the lender duped customers into buying products and services they didn’t want.
The settlement covers millions of consumers who used Providian credit cards dating back to March 1995. A claims process will be announced in the spring, said attorney Jonathan Levine, who represented Providian customers in a series of cases consolidated in San Francisco Superior Court and a Pennsylvania federal court.
The lawsuits alleged that Providian misled its customers into buying a hodgepodge of products and services, such as credit protection. The suits also alleged that Providian gouged them with fees that were difficult to remove from their accounts.
San Francisco-based Providian hasn’t admitted any wrongdoing, though the inquiries prompted the company to revamp its business practices.
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